United Photovoltaics announces acquisition of 40 MW plant in Shandong

United Photovoltaics Group has completed its acquisition of the entire equity interest in Haiyang-Xin Shunfeng Photovoltaic Technology Co. Ltd.

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The board at United PVG announced completion of the acquisition on October 20th 2016, in compliance with the terms of the share transfer agreement. Haiyang-xin will now operate as a wholly owned subsidiary, with all results, assets and liabilities consolidated into those of United Photovoltaics Group Limited.

Haiyangxin owns and operates a grid connected solar plant with a 40 MW capacity. The plant is located in Yantai City, in China’s Shandong Province.

The announcement comes just a few weeks after United PVG’s CNY 20.86m (US$3.13 million) acquisition of a 49% stake in Changzhou Guangyu New Energy Company. This company operates 4 solar power plants in Xinjiang, China.

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In September, United PVG received a 1.33 billion (UD$197 million) subsidy. China’s National Energy Agency, Ministry of Finance and the National Development and Reform Commission jointly fund the subsidy, which covers 16 solar plants already owned by United. As was expected, United is using this cash to support business expansions both in China and elsewhere.

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Mark Hutchins

Mark Hutchins joined pv magazine in September 2016 as production editor of the monthly global title. Mark also works online reporting on upstream technology and markets, as well as newly emerging solar regions.

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